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Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
.jpg) If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, “Brexit means Brexit”, “no-deal Brexit” — day after day, terms related to the UK’s imminent departure from the EU are bandied repeatedly in British media and culture. And there’s so much uncertainty about what the UK’s EU divorce settlement will look like, it’s enough to make even the strongest Leave advocates grow weary.
Nevertheless, the date of the UK’s exit from the EU is fast approaching and failing a dramatic u-turn, as of 23:00 GMT on Friday March 29, 2019, the country will no longer be a member of the multinational trading bloc. With 95% of the UK’s international trade carried through its ports, shipping is an industry that will undeniably be impacted by the ramifications of Brexit. For companies, the uncertainty of how the UK’s trading relations with the EU will appear after the deadline is difficult to contend with.
The UK Government has sought to inform the public as to the implications for the trade in goods between the UK and EU nations of a no-deal Brexit — whereby the UK would leave the EU without agreement. Near the end of August, the UK Government published guidance entitled Trading with the EU if there’s no Brexit deal. The document explains what would happen to customs and excise procedures in the event of a no-deal scenario on March 29, as well as what businesses trading with the EU will need to know.
No-deal customs
According to the guidance, if the UK left the EU on March 29 without an agreement, the free movement of goods between the UK and EU would stop. The document continues by giving three examples of how businesses trading with the EU would be affected. Firstly, companies would have to apply the same customs rules to goods moving between the UK and the EU as those currently applicable to goods moving between the UK and non-EU countries (with customs duty potentially also due on EU imports). Customs declarations would therefore have to be made when products enter or leave the UK. Additionally, separate safety and security declarations would have to be made by the items’ carrier (normally the haulier, airline or shipping line, depending on the transport mode used to import or export them).
Secondly, the EU would put customs and excise rules on goods it gets from the UK in the same way it does for products it gets from outside the EU. This means the EU would require customs declarations on goods coming from or going to the UK, plus safety and security declarations. The third and final example is that for excise goods movements, the Excise Movement Control System (EMCS) would no longer be used to control suspended EU–UK movements. However, EMCS would still control the movement of duty suspended excise goods within the UK (including movements to and from UK ports and airports and the Channel Tunnel). Therefore, immediately upon UK importation, companies moving excise goods within the EU (including in duty suspension) would have to put them into UK excise duty suspension or pay duty.
Import/export info
For companies importing EU goods, a no-deal Brexit would mean following customs procedures the same way they currently do when importing non-EU goods. Thus, for EU goods going into the UK, import declarations would be needed, customs checks might occur and any customs duties would need payment. Before importing EU products, a firm would have to register for a UK Economic Operator Registration and Identification (EORI) number, ensure their contracts and International Terms and Conditions of Service reflect that they are an importer, consider how they would submit import declarations (including whether to use a customs broker, freight forwarder or logistics provider) and decide upon their items’ correct classification and value (and enter this on the customs declaration).
When actually importing EU items, a company would need a valid EORI number and would have to ensure their carrier has submitted an Entry Summary Declaration at the right time, submit an import declaration to HMRC using their software (or get their customs broker, freight forwarder or logistics provider to do so) and pay Value Added Tax (VAT) and import duties, including excise duty on excise goods unless the goods go into duty suspension (import VAT may also be due). When excise goods leave a customs suspensive arrangement, they might immediately gointo an excise duty suspension regime, and a business would have to declare them on EMCS for onward movement via a Registered Consignor. Companies might also have to apply for an import licence or give supporting documentation to import specific kinds of goods into the UK, or comply with the relevant customs import procedure’s conditions.
The UK Government’s stance is that both itself and the EU are seeking a positive deal, and in September, UK Prime Minister Theresa May said she believed that European Council president Donald Tusk had “clarified … there is hope and expectation for a deal on the side of the European Union”. However, she later noted that she had “always said no deal is better than a bad deal”, adding: “I think a bad deal will be a deal, for example, that broke up the United Kingdom.”
For businesses exporting goods to the EU, a no-deal Brexit would mean them following customs procedures like they do currently when exporting goods to a non-EU nation. Similar to the above, before exporting to this destination, they would need to register for an UK EORI number, ensure their contracts and INCOTERMS reflect that they are an exporter and consider how they would submit export declarations (again, including whether to use a customs broker, freight forwarder or logistics provider). When they do export, companies would need to possess a valid EORI number and submit an export declaration to HMRC (or get their customs broker, freight forwarder or logistics provider to do so — additionally, the export declaration may need to be lodged in advance so export permission is given before the goods leave the UK). Firms might also need to apply for an export licence or provide supporting documentation to export specific kinds of goods from the UK, or meet the terms of the relevant customs export procedure. When exporting duty suspended excise goods to the EU, a business would have to keep using EMCS to record the duty suspended movement from a UK warehouse or premises to the port of export.
For carriers, a no-deal scenario would mean them having to make a Safety and Security Declaration for goods moving between the UK and EU. This declaration comes in two forms: an Exit Summary Declaration (EXS) and an Entry Summary Declaration (ENS). A carrier generally needs to send an EXS to the customs authority of the country from which the consignment is being exported. For consignments exported from the UK, this declaration generally forms part of the Export Declaration. Additionally, a carrier must send an ENS to the customs authority of the nation the consignment is entering.
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Sunday, 23 August 15
SHIPPING FREIGHT RATES FALL SHARPLY ON EXCESS SUPPLY AND LOW DEMAND
COALspot.com: The BDI continued to soften and was down 5.78 pct and falls back below 1000 points this week.
The cape Index lost 17.25 per cent ...
Friday, 21 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION VOLUME FALLS 8.7% Y-O-Y
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.3 million shor ...
Friday, 21 August 15
GLOBALCOAL TO LAUNCH ONLINE TRADING OF PHYSICAL MET COAL ON 13 OCTOBER
On 13 October 2015, globalCOAL will launch an online platform for the physical procurement and trade of high quality hard coking coal delivered FOB ...
Thursday, 20 August 15
COAL PRICES FALL TO 12-YEAR LOWS AS CHINA, INDIA JOIN DEMAND SLOWDOWN - REUTERS
Coal futures have fallen to 12-year lows, hit by soaring production and a slowdown in global buying, including from India and China which until rec ...
Wednesday, 19 August 15
FOB INDONESIA COAL SWAPS CONTINUE FLAT TREND LINE THIS WEEK
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and flat week over week, this past week.
The 4Q swap was decli ...
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- PTC India Limited - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- VISA Power Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
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